World Economic Forum

The World Economic Forum (WEF) is an international non-governmental organisation headquartered in Geneva, Switzerland, best known for its annual meeting in Davos. It brings together political leaders, business executives, academics, and civil society representatives to discuss global economic, social, and environmental issues. Established in 1971, the WEF aims to promote public–private cooperation in addressing challenges that transcend national and sectoral boundaries, including poverty, inequality, climate change, and technological transformation.

Background and establishment

The World Economic Forum was founded by Professor Klaus Schwab, a German economist and engineer, in 1971. Initially named the European Management Forum, it was created to help European businesses adopt American management practices and enhance competitiveness. The organisation held its first annual meeting that year in the Swiss Alpine town of Davos, which has since become synonymous with the Forum.
In 1987, the Forum was renamed the World Economic Forum to reflect its expanded global scope beyond Europe. Its founding principle — the belief that economic progress and social development must go hand in hand — continues to underpin its mission of improving the state of the world through collaborative action.

Structure and organisation

The WEF is structured as a non-profit foundation under Swiss law. Its membership comprises leading corporations, international institutions, and governments. Key features of its organisational structure include:

• Board of Trustees: The main governing body, responsible for strategic direction and policy oversight.
• President and Managing Board: Handle day-to-day operations and coordinate initiatives.
• Members and Partners: Around 1,000 of the world’s leading companies contribute financially and participate in WEF activities.

The Forum operates on a membership model, where companies are invited to join based on their size, influence, and commitment to the Forum’s goals.

The Davos meeting

The annual meeting in Davos, Switzerland, held each January, is the WEF’s most visible event. It serves as a platform for world leaders and decision-makers to discuss pressing global issues under the theme chosen for each year.
At Davos, sessions range from formal panel discussions to informal workshops covering topics such as global growth, trade, energy transition, gender equality, artificial intelligence, and geopolitical conflicts. Although the meeting does not produce binding agreements, it encourages dialogue, fosters partnerships, and sets the tone for global economic and policy agendas.
Other major WEF meetings include regional summits in Africa, the Middle East, East Asia, and Latin America, which focus on region-specific economic and developmental challenges.

Key initiatives and activities

Beyond its meetings, the World Economic Forum engages in a wide range of research, partnerships, and global initiatives. Some of its most influential areas include:

• Global Competitiveness Report: An annual publication ranking countries based on economic productivity, infrastructure, innovation capability, and institutional quality.
• Global Risks Report: Identifies and analyses the most significant long-term risks facing the world, including climate change, cyber threats, and social inequality.
• Centre for the Fourth Industrial Revolution (C4IR): A global network that explores the ethical and regulatory implications of emerging technologies such as artificial intelligence, robotics, and blockchain.
• Sustainable Development and Climate Action: The Forum plays a key role in promoting environmental sustainability through initiatives such as the Trillion Trees Platform, Net-Zero Carbon Cities, and Global Plastic Action Partnership.
• Inclusive Growth and Social Mobility: Projects designed to promote equality of opportunity and empower disadvantaged communities through education, reskilling, and gender inclusion.

Public–private collaboration

The WEF’s defining feature is its focus on public–private partnerships. It operates on the principle that effective global problem-solving requires collaboration among governments, businesses, and civil society rather than reliance on public institutions alone.
The Forum facilitates dialogue on policy coordination, corporate responsibility, and innovation. For instance, it has supported initiatives in global health (such as vaccine distribution partnerships), digital governance, and economic resilience post-pandemic.

Membership and participation

Membership of the World Economic Forum is primarily by invitation and includes multinational corporations from diverse sectors. Member companies pay annual fees that help fund WEF projects and events. Participation in WEF activities provides access to networking opportunities, policy dialogues, and exclusive data resources.
In addition to corporate members, the Forum invites heads of state, ministers, academics, journalists, and non-governmental organisations to its meetings, ensuring representation across economic and social spectra.

Criticism and controversies

Despite its influence, the WEF has faced criticism on several fronts:

• Elitism and exclusivity: The Davos summit is often portrayed as an elite gathering of wealthy individuals detached from everyday concerns. Critics argue that it reinforces rather than reduces global inequality.
• Limited tangible outcomes: Although the Forum promotes discussion, it lacks enforcement mechanisms, leading some to question its practical impact.
• Corporate dominance: Concerns have been raised about the overrepresentation of corporate interests in global policy discussions.
• Environmental contradictions: The use of private jets by delegates and the luxury of the Davos event contrast with its sustainability rhetoric.

Nonetheless, the WEF has acknowledged many of these criticisms and sought to improve inclusivity by engaging with youth leaders, social entrepreneurs, and community-based initiatives through its Global Shapers and Young Global Leaders programmes.

Influence and global role

Despite controversy, the WEF has established itself as a key platform for shaping the global agenda. It serves as a bridge between sectors and fosters consensus on complex challenges such as digital transformation, trade reform, and environmental sustainability.
Notable global initiatives and agreements have originated or gained momentum at Davos, including discussions leading to the Paris Climate Agreement, commitments to sustainable supply chains, and partnerships supporting the United Nations’ Sustainable Development Goals (SDGs).
The Forum’s ability to convene influential actors from around the world gives it a unique role in agenda-setting rather than direct policymaking. Its reports and frameworks are often used by governments and institutions to benchmark progress or guide strategic priorities.

Digital transformation and the Fourth Industrial Revolution

One of the WEF’s central themes in recent years has been the Fourth Industrial Revolution, a concept popularised by Klaus Schwab. It refers to the convergence of digital, physical, and biological technologies — including artificial intelligence, the Internet of Things, robotics, and biotechnology — which are transforming economies and societies.
Through its global network of innovation centres, the WEF promotes dialogue on the ethical use of technology, data protection, and equitable access to digital tools.